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Quite frustrated, could do with some urgent advice.

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  • Quite frustrated, could do with some urgent advice.

    Well myself and my boyfriend live with my parents and are desperate to buy our own place, we cannot afford much and have seen a lovely flat that is within our budget however it has between 73 an76 years left on the lease and i am worried about having to renew it, we are only planning on living there for about 3 years, does anybody have any idea whether i would have a problem selling it on afterwards? Or whether I would be liable to extend the lease at all?? Any help would be greatly appreciated as I really want to buy this flat but am a bit scared!

    Thanks

  • #2
    Assuming it is England/Wales once you have owned the flat for 2 years you are entitled to require a lease extension for 90 years on top of existing length of lease at a nil ground rent. The cost of the extension is the issue and there are variations depending on whether or not in London and the amount of the ground rent. A very ballpark guess assuming £50 pa ground rent and £100K value would be between £2K and £7K. As lease gets shorter this will go up. If flat worth more then the figure would increase proportionately.

    I would ask seller to arrange a lease extension. It may even be worth offering to split the costs as long as the seller organises the extension so it happens with your purchase.

    As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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    • #3
      Most Lenders will lend as long as there are 50 years plus on the lease at the end of the mortgage term. So, if you sell after 2/3 years you will need to sell to someone who will have a mortgage term of whatevers left on the lease less 50 years.

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